The information regarding amendments to the bylaws of Ashford
Inc. (the Company) set forth in Item 5.03 of this Current Report
is hereby incorporated by reference into this Item 3.03.

ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS;
CHANGE IN FISCAL YEAR

On December 15, 2016, the Board of Directors of the Company
adopted and approved the Amended and Restated Bylaws of the
Company (the Amended and Restated Bylaws). The Amended and
Restated Bylaws modify the advance notice procedures to require
that only stockholders that have owned at least 1% of our
outstanding common stock continuously for at least one year may
nominate director candidates and propose other business to be
considered at an annual meeting of stockholders (the Ownership
Requirement). The Ownership Requirement was previously approved
by the Companys stockholders at the Companys annual meeting of
stockholders held on May 13, 2015.

The foregoing summary is qualified in its entirety by reference
to the Amended and Restated Bylaws, which are filed as Exhibit
3.1 hereto and incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits